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Beginning inventory, purchases, and sales for Item 88-HX are as follows: 98 units @ $16 78 units 109 units @ $20 27 Sale 92 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on Mar. 27 and (b) the inventory on Mar. 31. a. Cost of goods sold on Mar. 27 b. Inventory on Mar. 31 Mar. 1 8 15 Inventory Sale Purchase

Beginning inventory, purchases, and sales for Item 88-HX are as follows: 98 units @ $16 78 units 109 units @ $20 27 Sale 92 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on Mar. 27 and (b) the inventory on Mar. 31. a. Cost of goods sold on Mar. 27 b. Inventory on Mar. 31 Mar. 1 8 15 Inventory Sale Purchase

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Beginning inventory, purchases, and sales for Item 88-HX are as follows: 98 units @ $16 78 units Purchase 109 units @ $20 27 Sale 92 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on Mar. 27 and (b) the inventory on Mar. 31. a. Cost of goods sold on Mar. 27 3 b. Inventory on Mar. 31 Mar. 1 8 15 Inventory Sale
Transcribed Image Text:Beginning inventory, purchases, and sales for Item 88-HX are as follows: 98 units @ $16 78 units Purchase 109 units @ $20 27 Sale 92 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on Mar. 27 and (b) the inventory on Mar. 31. a. Cost of goods sold on Mar. 27 3 b. Inventory on Mar. 31 Mar. 1 8 15 Inventory Sale
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